Cryptocurrency exchange giant Binance is preparing to expand its compliance team in response to global regulatory pressures.
Binance recently ran into regulatory hurdles in Japan, Canada and the UK and is facing questions on whether it has failed to comply with domestic regulations.
On Wednesday, Binance CEO Changpeng “CZ” Zhao shared an open letter on the increasing adoption of cryptocurrencies and the need for regulations.
“We are seeing wider adoption of cryptocurrencies globally and the need for clearer regulatory frameworks in different countries. More regulations are, in fact, positive signs that an industry is maturing because this sets the foundation for a broader population to feel safe to participate in crypto.
I believe a well-developed legal and regulatory framework in the long term will be a solid foundation that truly makes crypto essential in everyone’s daily life.”
Along with expanding its robust compliance partnerships and localizing business operations, Binance is planning on doubling its international compliance team to keep up with new regulatory developments.
“Growing our international compliance team: we have grown our international compliance team and advisory board by 500% since last year. Notable appointments include former FATF (Financial Action Task Force) Executive Secretary Rick McDonell and former Head of the Canadian delegation to the FATF Josée Nadeau as compliance and regulatory advisors, as well as Max Baucus, the former U.S. Senator for Montana and US Ambassador to China, to provide high-level guidance – these are the first of many high-profile additions to our team. We plan to double our team size by the end of the year, with qualified and experienced advisors to support.”
Binance is also highlighting its efforts to combat crypto crime.
The exchange says it recently supported the takedown of a $500 million ransomware ring known as FANCYCAT.
“We also protect our users through our work with law enforcement agencies such as the U.S. Internal Revenue Service (IRS), the UK South East Regional Organized Crime Unit and many more to crack down on cybercrimes such as money laundering, terrorist financing, and scams. In 2021 so far, we have completed assisting 5,600 investigation requests already, which is 100% more than those in 2020. Most recently, we supported the takedown of a prolific cybercriminal ring responsible for laundering over $500 million worth of damages from dark web operations and high-profile cyber attacks.”
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